MOU Signed to Leverage Grinding Technology for the Extraction of Terpenes and Cannabinoids for the Medical Cannabis Market
CAMBRIDGE, ON, CANADA / ACCESSWIRE / November 24, 2014 / Converde Energy Inc. formerly W2 Energy Inc. (OTC Pink: WTWO) (WTWO), is pleased to announce that it has received a $250,000.00 USD purchase order and a 20% deposit to develop a simultaneous grinding and extraction machine capable of extracting products from hemp and cannabis plants. The company has entered into a Memorandum of Understanding (MOU) with Delaware based iKingdom Investments Inc., www.ikingdomii.com for the creation of a Joint Venture (JV) that will specialize in the extraction of Terpenes, Cannabinoids and Fatty Acids from Hemp/Cannabis Plants. This system will differ from other extraction machines in the market, as it will be able to remove the products from the plants without high temperature or pressure. This method will allow the active ingredients in the plants remain in a more natural state without the extraction process denaturing the product.
The MOU stipulates that the newly formed JV will be relying exclusively on WTWO for the supply of all the equipment and the patented technology and support to accomplish the stated objectives. iKingdom will provide the scientific team that will be responsible for the ongoing research and development and production of Medicinal products and Hemp/Cannabis bi products from the extraction process.
The JV in addition of developing the various products, also intends to promote the sale of equipment to other parties under license. The licensing process will be designed to produce additional revenues and allow us to grow rapidly, without the requirement of large amounts of capital.
The equipment package for Phase 1 will be designed to process 100lbs per day. The equipment design is scalable and can be scaled up or down depending on requirements.
Michael McLaren, CEO of Converde Energy Inc. states, "Here is another example on how we can leverage our technologies into other markets. The JV strategy allows us to access markets we normally would not. By no means is Converde changing focus and entering into the medical cannabis business but by using local partners who are already in the business the company is able to capitalize on revenues it previous would not have access to." He further stated, "We are quite excited about the opportunity to work with IKingdom on this very promising and worthy project. This initiative simply validates our vision and the versatility of our patented technology applications."
Dr. Gerry Bedore, CEO of iKingdom Investments states, "The joint partnership between iKingdom Investments and Converde Energy is a working alliance focused on advancing cannabinoid extraction sciences. The work currently being done will enable the production of cost effective extraction equipment for US and Global markets that is scalable and provides for highly delineated, clean, and pure cannabinoid extracts. iKingdom Investments looks forward to a robust relationship with Converge Energy as we advance health and wellness through cannabinoid sciences into the everyday lives of a global community, creating an entirely new pantheon of products and services as a result." He also stated, "Once our International Patent is confirmed, we anticipate this technology to be a huge seller for us as an export product."
For more information on Converde's latest technology and its recent name change please go to www.w2energy.com.
About Converde Energy Inc.
Converde Energy Inc. develops renewable energy technologies and applies it to new generation power systems. Specifically, Converde's plasma assisted bio-mass to energy plants, utilizing the state of the art technologies to produce green energy in both fuel (sulfur free diesel) and electricity at the most efficient cost in capital investment and production per/barrel, per/Megawatt. Converde Energy Inc. has seasoned management, cutting edge technology and owns a large technology portfolio of patents and know-how that has been extensively validated and ready for commercial production.
For more information on Converde Energy please see www.w2energy.com
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SOURCE: Converde Energy Inc.